Truist Financial Co. (NYSE:TFC) Shares Sold by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC decreased its stake in Truist Financial Co. (NYSE:TFC – Get Rating) by 49.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,033 shares of the insurance provider’s stock after selling 74,616 shares during the period. Cubist Systematic Strategies LLC’s holdings in Truist Financial were worth $3,267,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Fairfield Bush & CO. acquired a new stake in Truist Financial during the 1st quarter worth $25,000. United Bank boosted its stake in Truist Financial by 4.1% during the 1st quarter. United Bank now owns 74,457 shares of the insurance provider’s stock worth $4,222,000 after purchasing an additional 2,938 shares during the period. Panagora Asset Management Inc. boosted its stake in Truist Financial by 33.3% during the 1st quarter. Panagora Asset Management Inc. now owns 26,365 shares of the insurance provider’s stock worth $1,495,000 after purchasing an additional 6,593 shares during the period. Vontobel Holding Ltd. boosted its stake in Truist Financial by 3.3% during the 1st quarter. Vontobel Holding Ltd. now owns 22,951 shares of the insurance provider’s stock worth $1,348,000 after purchasing an additional 738 shares during the period. Finally, Blair William & Co. IL boosted its stake in Truist Financial by 8.1% during the 1st quarter. Blair William & Co. IL now owns 56,690 shares of the insurance provider’s stock worth $3,214,000 after purchasing an additional 4,234 shares during the period. Institutional investors and hedge funds own 72.49% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the subject of a number of recent research reports. Jefferies Financial Group upgraded shares of Truist Financial from a “hold” rating to a “buy” rating in a research note on Monday, January 9th. TheStreet upgraded shares of Truist Financial from a “c+” rating to a “b-” rating in a research report on Monday, January 23rd. Deutsche Bank Aktiengesellschaft downgraded shares of Truist Financial from a “buy” rating to a “hold” rating and cut their price objective for the stock from $61.00 to $48.00 in a research report on Friday, January 6th. Stephens downgraded shares of Truist Financial from an “overweight” rating to an “equal weight” rating and set a $53.00 price objective for the company. in a research report on Tuesday, January 31st. Finally, Morgan Stanley cut their price objective on shares of Truist Financial from $59.00 to $56.00 and set an “equal weight” rating for the company in a research report on Friday, January 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $51.91.

Truist Financial Stock Performance

NYSE:TFC opened at $44.08 on Wednesday. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The firm has a 50-day moving average price of $47.18 and a two-hundred day moving average price of $45.69. Truist Financial Co. has a twelve month low of $40.01 and a twelve month high of $61.10. The company has a market capitalization of $58.53 billion, a P/E ratio of 9.95, a price-to-earnings-growth ratio of 1.19 and a beta of 1.10.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Shareholders of record on Friday, February 10th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, February 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.72%. Truist Financial’s dividend payout ratio is currently 46.95%.

Insiders Place Their Bets

In other Truist Financial news, insider Hugh S. Cummins III sold 35,229 shares of the firm’s stock in a transaction dated Friday, January 27th. The shares were sold at an average price of $49.05, for a total transaction of $1,727,982.45. Following the sale, the insider now directly owns 307,069 shares of the company’s stock, valued at approximately $15,061,734.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is owned by corporate insiders.

About Truist Financial

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Truist Financial Corp. is a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. It operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, Insurance Holdings, and Other, Treasury & Corporate.